The Walker & Dunlop Investment Sales team, including Joshua Jandris, Mark Myers, Brett Gardner and Jordyn Berger, is off to a good start to their year, already announcing a few closings with another four set to close in the next six weeks. In total, the team has about $1.0 billion of listings under contract and scheduled closings in its pipeline.
They first closed the sale of an independent living portfolio in the Atlanta, Georgia metro area. Operated by The Mansions Group and owned by a group of investors and developers, the four communities are newly built, considered to be “A” quality and combine for 559 units. Most were stabilized with occupancy above 90%, but the newest community (featuring 181 units, including 34 villas and a 147-unit tower) that opened in 2019 has already brought occupancy up to 80%. Considering its size, and the times, that is impressive. Mansions will continue its good work operating under the new owner, Focus Healthcare Partners, which paid $164.5 million, or $294,300 per unit.
To fund the deal, Russ Dey of Walker & Dunlop secured acquisition financing through Freddie Mac on three of the properties, while Focus assumed balance sheet loans from PNC Bank on the fourth.
Alex Vice plus the rest of the Walker & Dunlop investment sales team also sold a 65-unit personal care/memory care community located outside of Louisville, Kentucky in the town of Prospect. Built in 2017, the community never stabilized, with occupancy cresting at around 60%. A regional owner/operator predominately focused on the skilled nursing market sold the asset to Welltower, with StoryPoint Senior Living coming in to manage.
Finally, Walker & Dunlop closed a skilled nursing deal in the Midwest, details of which will soon come to light. Not a bad way to kick off their year.